Weak Personal Consumption and Slowing Inbound Tourism Demand
First written in FY2017-Q3. 9 of 21 entries say "Restated". Latest entry: FY2026.
Solekia Limited moved to the "Worse" side of this theme in 2020, 1 year after the typical company in this theme (2019).
The whole theme swung hardest in 2020: 18 of 22 companies on the "Worse" side.
4 other companies' latest entry also says "Mitigated".
- FY2026MitigatedAnnual report
「The economy continued its gradual recovery, supported by domestic demand on the back of improved employment and income conditions and inbound demand.」
The report states that the risk of weakness in private consumption and inbound demand eased further, supported by improved employment and income conditions, inbound demand, and domestic demand. - 2026-05-08RestatedRevision of earnings forecasts
「The economy also continued to recover moderately, supported by domestic demand underpinned by improvements in employment and income conditions and inbound demand.」
Continued support for domestic demand from improving employment and income conditions and inbound demand was again reported. - FY2025MitigatedAnnual report
「Domestic demand increased as private consumption rose with improving employment and income conditions and corporate capital investment recovered. The economy also continued its gradual recovery, supported by a recovery in inbound demand.」
Private consumption was described as increasing and inbound demand as recovering, indicating that the previous risks of weak private consumption and slowing inbound demand had eased further. - FY2025-H1RestatedAnnual report
「During the interim consolidated accounting period, Japan’s economy showed a gradual recovery, supported by improved employment and income conditions and a recovery in inbound demand, although」
Improved employment and income conditions and the recovery in inbound demand continued, while weakness in private consumption and inbound demand is presented as limited. - FY2024-Q3RestatedAnnual report
「With the removal of activity restrictions related to COVID-19, the normalisation of economic and social activity accelerated. Supported by a recovery in inbound demand and improved employment and income conditions, the economy showed a gradual recovery.」
The removal of activity restrictions, normalisation of economic and social activity, recovery in inbound demand, and improvement in employment and income conditions continued to be reported, while the risk of weakness in private consumption and inbound demand is presented as limited. - FY2024-Q2MitigatedAnnual report
「Following the reclassification of COVID-19 under Japan’s legal framework to Category 5 in May 2023, the normalisation of economic and social activity accelerated, and the economy showed a gradual recovery, including increased foot traffic and a recovery in inbound demand.」
The recovery in economic and social activity and inbound demand identified in the previous quarter was described this time as accelerated normalisation and increased foot traffic. The weakness in private consumption and inbound demand is presented as having eased further. - FY2024-Q1MitigatedAnnual report
「Following the reclassification of COVID-19 under Japan’s legal framework to Category 5 in May 2023, economic and social activity moved further toward normalisation, and inbound demand and other areas showed signs of recovery.」
The report states that economic and social activity normalised following the change in the legal classification of the infectious disease, and that inbound demand and other areas recovered. The previous weakness in private consumption and inbound demand is presented as having eased. - FY2022-Q2RestatedAnnual report
「The economy remained in a difficult situation, as the resurgence of COVID-19 led to the reissuance of the state of emergency and the application of priority preventive measures, restricting people’s activities and economic activity and reducing private consumption.」
The resurgence of infections and restrictions on activity reduced private consumption, and difficult conditions for consumption continued. - FY2022-Q1WorsenedAnnual report
「The economy remained in a difficult situation, as the resurgence of COVID-19 led to the reissuance of the state of emergency and the application of priority preventive measures, restricting people’s activities and economic activity and reducing private consumption.」
The resurgence of the infectious disease and restrictions on activity reduced private consumption, and difficult conditions for consumption continued. - FY2021-Q3WorsenedAnnual report
「During the nine-month consolidated period ended in the third quarter, Japan’s economy showed some signs of recovery as the level of economic activity was gradually raised through various government measures while infection-control measures remained in place. However, concern grew that the spread of infections could continue for an extended period, with infections again showing signs of increasing toward year-end, creating a situation requiring attention to the rising downside risks to the economy.」
Although economic activity, including private consumption, showed signs of recovery, the report states that downside risks to the economy increased as infections spread again toward year-end and the containment period became prolonged. - FY2021-Q1WorsenedAnnual report
「The economy deteriorated rapidly as the spread of COVID-19 caused a sharp decline in domestic and overseas demand and restrictions on activity, including calls for people to refrain from going out.」
The report states that, following the previous recovery trend in private consumption and business sentiment, domestic and overseas demand fell sharply and the economy deteriorated rapidly because of the spread of the infectious disease and calls for people to refrain from going out. - FY2020WorsenedAnnual report
「Toward the end of the fiscal year, the global spread of COVID-19 affected people's lives and corporate activities, resulting in a sharp slowdown.」
The report states that, following the recovery trend in private consumption through the third quarter, the spread of an infectious disease affected daily life and corporate activity toward the end of the fiscal year, causing the economy to slow sharply. - FY2020-Q3RestatedAnnual report
「Although weakness was evident mainly in exports and business sentiment deteriorated, particularly in manufacturing, capital investment continued to increase while corporate earnings remained at a high level. Private consumption also continued to recover, supported by improved employment and income conditions, and the economy remained on a gradual recovery track.」
Although exports and manufacturing sentiment remained weak, the recovery trend in private consumption and the economy’s gradual recovery trend continued to be reported against a backdrop of improved employment and income conditions. - FY2020-Q2RestatedAnnual report
「Although weakness was evident mainly in exports and business sentiment deteriorated, particularly in manufacturing, capital investment continued to increase while corporate earnings remained at a high level. Private consumption also continued to recover, supported by improved employment and income conditions, and the economy remained on a gradual recovery track.」
Private consumption was on a recovery trend against a backdrop of improved employment and income conditions, and the economy’s gradual recovery trend continued to be reported. - FY2019RestatedAnnual report
「Corporate earnings remained firm, while income increased against a backdrop of sustained improvement in employment conditions, and private consumption continued to recover. The economy therefore remained on a gradual recovery track.」
It was reported that the recovery in private consumption and the economy’s gradual recovery trend continued throughout the year. - FY2019-Q3RestatedAnnual report
「Corporate earnings remained firm, while sustained improvement in employment conditions and a continued recovery in private consumption supported a gradual recovery trend in the economy.」
The report states that the recovery in private consumption and the economy’s gradual recovery trend continued, and, as in the previous report, the risk of weak private consumption is presented as limited. - FY2018MitigatedAnnual report
「Supported by domestic and overseas demand, the economy remained on a gradual recovery track, with construction-related activity and inbound demand remaining firm and businesses’ appetite for capital investment improving.」
Inbound demand remained firm, and the recovery trend in private consumption and domestic and overseas demand was maintained throughout the year. - FY2018-Q2MitigatedAnnual report
「During the first six months of the current consolidated fiscal year, the Japanese economy remained on a gradual recovery track. Against a backdrop of a continued stable trend of yen depreciation and rising share prices and expanding employment, personal consumption became more resilient. Corporate earnings also benefited from moderate growth in overseas economies, with production increasing across a broad range of manufacturing industries, led by semiconductors, electronic components and automobiles. Exports to the United States and Asia remained at high levels, while the non-manufacturing sector maintained solid performance in construction-related activity and inbound demand.」
Private consumption was described as becoming “more resilient,” while inbound demand was said to have “remained firm,” indicating that the risks of weakness and slowing growth through the previous period had weakened further. - FY2018-Q1RestatedAnnual report
「During the first three months of the current consolidated fiscal year, the Japanese economy remained on a gradual recovery track, as personal consumption improved gradually against a backdrop of stable foreign exchange rates and share prices and solid employment and income conditions, while corporate earnings benefited from increased production, higher exports to Europe and the United States, increased public investment and a recovery in inbound demand.」
A recovery in inbound demand and gradual improvement in private consumption continued to be reported, and the economy was described as being on a recovery track. - FY2017SoftenedAnnual report
「In non-manufacturing as well, although growth in inbound demand slowed, conditions improved on the back of factors including increased construction and public works. Consumer-related businesses such as retail and services also showed signs of recovery, and the economy remained on a gradual recovery track.」
Although the slowdown in inbound demand continued, consumer-related businesses showed signs of recovery, and the economic assessment improved from stagnation to a gradual recovery trend. - FY2017-Q3First statedAnnual report
「Although the trend toward a stronger yen and lower share prices continued amid persistently weak private consumption and concerns over the outlook for the global economy and international affairs, the yen rapidly weakened and share prices rose following the results of the US presidential election in November. Accordingly, corporate earnings showed a gradual improvement in manufacturing, supported by a recovery in exports and the completion of inventory adjustments. In non-manufacturing, although employment and income conditions improved, the economy remained stalled, with consumer-related businesses struggling amid slower growth in inbound demand.」
Weak private consumption and slower growth in inbound demand are described as having led to sluggish consumer-related activity and a stalled economy.